Altus Wealth Group LLC has expanded its investment in the Invesco S&P 500 Momentum ETF (NYSEARCA:SPMO), increasing its position by 4.7% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the investment firm now holds 137,743 shares of the ETF after acquiring an additional 6,229 shares during the quarter. This growth positions the Invesco ETF as the firm’s third largest holding, constituting 6.8% of Altus Wealth Group’s total portfolio. At the end of the reporting period, the value of its holdings in the Invesco S&P 500 Momentum ETF was approximately $16.68 million.
Several other institutional investors have also adjusted their stakes in the Invesco S&P 500 Momentum ETF. Notably, Capstone Wealth Management Group LLC increased its investment by an impressive 129.4% during the first quarter of 2023, bringing its total to 116,148 shares valued at $10.75 million after purchasing an additional 65,515 shares.
Royal Bank of Canada significantly boosted its holdings by 267.7%, acquiring 236,431 shares worth $21.88 million after buying 172,127 shares in the last quarter. Similarly, Federation des caisses Desjardins du Quebec raised its position by a staggering 816.1%, now holding 19,532 shares valued at $1.81 million. Integrated Wealth Concepts LLC also increased its stake by 11.4%, owning 38,923 shares valued at $3.60 million after an additional purchase of 3,976 shares.
Current Trading Performance of Invesco S&P 500 Momentum ETF
The Invesco S&P 500 Momentum ETF opened at $119.67 on the most recent trading day, reflecting a modest increase of 0.3%. The ETF has a market capitalization of $13.08 billion, a price-to-earnings (P/E) ratio of 29.51, and a beta of 0.98, indicating a level of volatility close to that of the overall market. Over the past year, the ETF has experienced a low of $78.25 and a high of $124.56. Its 50-day moving average stands at $119.58, while the 200-day moving average is at $117.54.
The Invesco S&P 500 Momentum ETF, launched on October 9, 2015, is designed to track the performance of the S&P 500 Momentum Index, which consists of the 100 components of the S&P 500 exhibiting the strongest volatility-adjusted momentum. The ETF offers investors a way to gain exposure to leading stocks based on momentum strategies.
As more institutional investors align their portfolios with the Invesco S&P 500 Momentum ETF, the trend signals growing confidence in its potential for returns amidst fluctuating market conditions.
